RBL Bank (formerly Ratnakar Bank) is mulling at tying up with an online spending aggregator which can keep track of consumers’ spending patterns and give a credit card based on it. This step will necessarily skip checking the credit score, which has been one of the key parameters for giving credit cards in the aftermath of the 2008-09 crisis, when bad loans shot up in the this segment. However, bankers are now saying that a sneak peek into the monthly spend pattern can also be a good measure to understand the consumer.
“A credit score shows that a consumer hasn’t defaulted in the past. However, that doesn’t mean that he/she won’t in the future. However, if I know your monthly spend and buying patterns for the last 12 months and there is consistency in it, even that can be a good determinant to know the kind of customer you are and based on that I can offer you a card,” said a bank official from RBL.
In fact, now that bad loans in the retail segment have been limited in the past few years, banks are now increasingly trying out new ways to evaluate credit and risk for customers that involve aggressive play.
“A credit score shows that a consumer hasn’t defaulted in the past. However, that doesn’t mean that he/she won’t in the future. However, if I know your monthly spend and buying patterns for the last 12 months and there is consistency in it, even that can be a good determinant to know the kind of customer you are and based on that I can offer you a card,” said a bank official from RBL.
In fact, now that bad loans in the retail segment have been limited in the past few years, banks are now increasingly trying out new ways to evaluate credit and risk for customers that involve aggressive play.
Sandip Ginodia , Director
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